Westpac to exit China, other Asian markets
It will consolidate operations into branches in Singapore, London, and New York.
Australia’s Westpac is pulling out of China along with other Asian markets following a review of its international businesses, reports Reuters.
The bank plans to focus on its core domestic and New Zealand operations, and said it will consolidate its operations into branches in Singapore, London and New York, whilst exiting Beijing, Shanghai, Hong Kong, Mumbai and Jakarta.
Westpac said the changes will help improve its capital efficiency, including by reducing its risk-weighted assets by over $3.6b (A$5b).
Here’s more from Reuters.